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6 <br /> 1 THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County, North <br /> 2 Carolina, that the County makes a preliminary determination to finance approximately <br /> 3 $24,000,000 to refinance existing obligations. The County requests that the LGC approve the <br /> 4 County's application for this new financing. <br /> 5 <br /> 6 The Board will determine the final amount to be financed by a later resolution. The final <br /> 7 amount financed may be slightly lower or slightly higher than $24,000,000. Some of the <br /> 8 financing proceeds may be used to pay financing expenses or to provide any required reserves. <br /> 9 <br /> 10 The Board will also determine the collateral for the financing by a subsequent resolution. <br /> 11 The County expects that the collateral for the financing will include property in the County's <br /> 12 planned "northern campus" off Highway 70 just north of Hillsborough (including the site of the <br /> 13 planned new jail) and portions of the County's "southern campus" off Homestead Road in <br /> 14 Chapel Hill, along with other properties that have been previously pledged to other related <br /> 15 County financings. <br /> 16 <br /> 17 BE IT FURTHER RESOLVED that the Board of Commissioners makes the following <br /> 18 findings of fact in accordance with LGC guidelines: <br /> 19 <br /> 20 (1) The proposed refinancing is appropriate for the County under all the circumstances. <br /> 21 (2) The proposed installment financing is preferable to a bond issue for the same <br /> 22 purposes. Some of the obligations to be refinanced are also installment financings, <br /> 23 so it makes sense to use the same vehicle for the refinancing. As the County is <br /> 24 already planning a substantial installment financing for new public assets and <br /> 25 improvements, combining the refinancings into the same overall financing package <br /> 26 will be convenient and cost-effective. <br /> 27 (3) The estimated sums to fall due under the proposed financing contract are adequate <br /> 28 and not excessive for the proposed purpose. The refinancings will save money <br /> 29 without extending any loan terms. <br /> 30 (4) As confirmed by the County's Finance Officer, (a) the County's debt management <br /> 31 procedures and policies are sound and in compliance with law, and (b) the County is <br /> 32 not in default under any of its debt service obligations. <br /> 33 (5) The County expects that there will be no actual increase in taxes necessary to meet <br /> 34 debt obligations under the proposed financing arrangements because of the overall <br /> 35 debt service savings. <br /> 36 (6) The County Attorney is of the opinion that the proposed projects are authorized by <br /> 37 law and are purposes for which public funds of the County may be expended <br /> 38 pursuant to the Constitution and laws of North Carolina. <br /> 39 <br /> 40 BE IT FURTHER RESOLVED that the Board authorizes all County officers and <br /> 41 employees to take all appropriate steps to complete the proposed refinancing, including <br /> 42 completing an application to the LGC for its required approval, that the Board ratifies all prior <br /> 43 actions taken toward accomplishing these purposes, and that this resolution takes effect <br /> 44 immediately. <br /> 45 <br /> 46 A motion was made by Commissioner Marcoplos, seconded by Commissioner Price to <br /> 47 adopt the resolution supporting the application to the Local Government Commission for <br /> 48 approval of the refinancing. <br /> 49 <br /> 50 VOTE: UNANIMOUS <br /> 51 <br />